Business
Phoenix Canada Oil Company Limited Signs Definitive Agreement for Reverse Takeover Transaction with ZYUS Life Sciences Inc.
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About this update from Zyus Life Sciences Corporation
[{"type":"text","content":"Phoenix Canada Oil Company Limited Signs Definitive Agreement for Reverse Takeover Transaction with ZYUS Life Sciences Inc.Not for Distribution to U.S. Newswire Services or for Dissemination in the United StatesTORONTO, ON / ACCESSWIRE / November 16, 2022 / Phoenix Canada Oil Company Limited (TSXV:PCO) (\"Phoenix\") and ZYUS Life Sciences Inc. (\"ZYUS\" or the \"Company\"), a private Canadian life sciences company, together announce that they have entered into a Definitive Agreement dated November 15, 2022 (the \"Agreement\"). The Agreement is the Definitive Agreement contemplated by the non-binding letter of intent Phoenix and ZYUS entered into on May 27, 2022 and announced by press release dated May 30, 2022. The Agreement outlines the terms and conditions of a business combination by way of plan of arrangement (the \"Arrangement\"), which will result in ZYUS becoming a wholly-owned subsidiary of Phoenix and constitute a reverse takeover of Phoenix by ZYUS as defined in the policies of the TSX Venture Exchange (the \"Exchange\").Charlotte Moore Hepburn, the CEO of Phoenix, stated that, \"We are enormously proud of our partnership with ZYUS. The vision and mission of ZYUS align with our corporate values, and we see enormous value in addressing the critical clinical need for a regulated, opioid-sparing medication for adult pain. We are excited by the significant progress ZYUS has made with respect to their scientific and patent portfolio, and we believe that both their current operations, as well as their program of research, has transformative potential in the biomedical space.\"\"Signature of the definitive agreement marks an important and exciting milestone for ZYUS in its efforts to advance the science of well-being. We are pleased to work with a partner like Phoenix, who shares our vision and passion for improving the lives of patients worldwide,\" said Brent Zettl, President and CEO of ZYUS. \"With Phoenix as our partner, we look forward to embarking upon the next chapter of our journey to elevate cannabinoids as a standard of care and expand the potential of cannabinoid-based formulations.\"The previously disclosed key terms of the Arrangement remain largely unchanged, except for the following:It is expected the subscription receipts issued by ZYUS for the concurrent private placement previously announced (the \"Concurren...